Standard Life auto enrols over a million into workplace pensions

04 January 2017

Standard Life, a leading provider of defined contribution workplace pensions, has now auto enrolled over one million new members into a Qualifying Workplace Pension Scheme1.

Some seven million employees in the UK are now saving as a result of auto enrolment2, and one in six* of them have done so with Standard Life since the initiative was launched in October 2012. Opt-out rates for those who auto enrolled with Standard Life are running at around 6%3.

Standard Life, a global investment company, has been making it easier for small and medium-sized employers to get set up for auto enrolment success with its Good to Go solution. This enables employers to get an automated quote, apply and set up their scheme in less than six minutes. Standard Life sets no minimum eligibility criteria, allowing any small or medium-sized business which has not already staged, as well as late stagers, to enrol their employees quickly and efficiently into a high quality pension. Average total employer and employee contributions by Good to Go's active members regularly exceed £100 a month4.

Jamie Jenkins, Head of Pensions Strategy at Standard Life, said: "We're thrilled to have played a key role in supporting auto enrolment by working with advisers and employers to help employees save for retirement. 2016 was a critical year for auto enrolment's great 'nudge' success story, and it is crucial that we continue to build on this success as we pave the way for the remaining small firms who are staging in 2017."

Standard Life was established in Edinburgh in 1825. Today it is a global investment company helping people to invest and manage their money.

Around 4.5 million customers and clients across 46 countries trust Standard Life with their financial future and Standard Life is responsible for the administration of £328 billion of their assets. Standard Life also supports over 25 million customers through Indian and Chinese associate and joint venture businesses.

Standard Life employs around 6,500 people internationally – through businesses in the UK, Europe, North America, Asia and Australia.

Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders.

Wherever Standard Life operates in the world, it is motivated by a sense of responsibility. That is what has helped it be a sustainable business over the long term. Standard Life is proud to be listed as a leader for corporate sustainability in its industry in the Dow Jones Sustainability Indices (DJSI World and DJSI Europe).